U2’s Bono-Backed Beautycounter Raises About $65 Million

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  • Latest round said to value company at about $400 million
  • Cosmetics business has reputation for eschewing chemicals

Counter Brands LLC, parent company of skin-care and cosmetics seller Beautycounter, raised about $65 million in new funding as it seeks to expand, according to a person familiar with the matter.

The financing round was led by Mousse Partners and included earlier investor TPG Growth, said the person, who asked not to be identified because the details are private. U2 frontman Bono also has previously invested in the company, which acquired a brand that his wife founded. The latest deal values the business at about $400 million, according to the person.

The Santa Monica, California-based company was founded in 2013 by Gregg Renfrew, a former retail consultant, and marketed as a brand with no harmful chemicals. Beautycounter sells its makeup, moisturizers and body wash in such stores as Target, J. Crew and Goop.com.

It also has its own e-commerce shop and a network of about 28,000 independent sellers that it calls “consultants,” who host sales events. Beautycounter products range from $18 bars of soap to $160 facial treatment sets.

Renfrew built a following for Beautycounter by touting the transparency of its ingredients. The company banned a list of 1,500 chemicals from its products and partners with environmental activist organizations.

In 2016, Beautycounter acquired skin-nutrition brand Nude Skincare from LVMH. That deal led to an investment from Bono and his wife, Nude founder Ali Hewson.

Its previous funding amounted to about $21 million, according to Crunchbase.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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